June 13, 2024
Bolts Market

The Global Bolts Market Is Driven By Rapid Industrialization

Bolts are an important industrial fastener used to join two or more objects together. They find widespread applications across various industries such as automotive, infrastructure, machinery, aerospace, and transportation. Bolts offer numerous advantages over other fastening systems such as screws and rivets. They provide a tight, rigid, and secure connection between joined components and do not require pre-drilling of holes. Moreover, bolts can be easily disassembled and reused multiple times, making them cost-effective for manufacturers. The growing popularity of bolts can be attributed to their strength, versatility, corrosion resistance, and precision fit. Rapid industrialization and urbanization in developing nations has boosted the demand for various machinery and equipment which utilize bolts extensively.

The global Bolts Market is estimated to be valued at US$ 9.56 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends gaining traction in the bolts market is the increasing demand for high strength bolts from sectors such as mining, construction, and oil & gas. These industries require bolted connections that can withstand heavy loads and harsh environmental conditions. To meet these needs, manufacturers are focusing on developing bolts with advanced materials, heat treatments, and coatings. For instance, alloy steel fasteners offer superior strength compared to regular carbon steel bolts. Another notable trend is the rising popularity of galvanized bolts, particularly in infrastructure and building constructions. Galvanizing protects bolts from corrosion and extends their service life significantly. This has stimulated new product launches of bolted fasteners with zinc-based coatings.

Porter’s Analysis

Threat of new entrants: Low capital requirements and availability of low cost raw materials pose medium threat of new entrants.

Bargaining power of buyers: Large buyers have significant bargaining power due to the availability of substitute products from competitors.

Bargaining power of suppliers: Suppliers have medium bargaining power due to availability of substitute raw materials suppliers and suppliers’ switching costs are relatively low.

Threat of new substitutes: Low-cost substitutes are available for specific non-critical bolt applications lowering threat of substitutes.

Competitive rivalry: The bolts market is moderately competitive with large players continuously expanding their product portfolio to gain market share.

Key Takeaways

The Global Bolts Market Share is expected to witness high growth over the forecast period owing to increasing construction activities globally.

Regional analysis: The Asia Pacific region dominates the global bolts market with over 40% market share in 2024 led by China, India, and other developing nations. The growth in the region is driven by increasing investments in non-residential construction and infrastructure projects. Europe and North America bolts markets are relatively mature however steady growth would be witnessed driven by maintenance repair and renovation activities in construction industry.

Key players: Key players operating in the bolts market are 3M, Reckitt Benckiser Group PLC, Procter & Gamble, Cantel Medical Corporation, The Clorox Company. 3M is a leading player in the market and offers wide range of construction and hardware bolts. Reckitt Benckiser produces high quality corrosion resistant bolts for applications in marine, infrastructure and oil & gas industries.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it